AWL Agri Business Limited (AWL)
Large CapFMCG stocks · Large cap · NSE
AWL Agri Business Ltd. is transitioning from an edible oil leader to an integrated Food & FMCG platform. It leverages its scale, sourcing, and extensive distribution to build a diversified everyday consumption platform, serving India across key kitchen categories with brands like Fortune.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
medium confidence · 4/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +18% YoY · PAT +47% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹20,048 Cr | +17.5% | -6.6% |
| EBITDA | ₹693 Cr | +89.3% | +32.3% |
| Operating margin | 3.5% | +140 bps | +110 bps |
| PAT | ₹351 Cr | +47.5% | +19.8% |
| PAT margin | 1.8% | +35 bps | +38 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
AWL reports FY26 revenue of ₹74,730 Cr, with Food & FMCG revenue at ₹6,400 Cr, growing 3x in 5 years. Overall volume grew 2.2x, revenue 4.2x, EBITDA 5.8x, and PAT 19.2x over the last decade, driven by diversification and distribution expansion.
AWL is successfully executing its transition from an edible oil major to a diversified Food & FMCG platform, evidenced by strong growth in food volumes and revenue. Leveraging its robust distribution and brand equity, the company is well-positioned to capitalize on India's underpenetrated branded staples market, despite competitive pressures.
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Scaling Food & FMCG Portfolio
Food volume mix increased 3x in the last decade; Food revenue grew 3x in 5 years to ₹6,473 Cr in FY26.
Leveraging Distribution Network
Gradually leveraging edible oil distribution to scale Foods business, covering 2.6 Mn outlets and 60,000 rural towns.
Premiumization & Value-Added Products
Conscious efforts on premiumization of portfolio, expanding into health & convenience categories like Multigrain Atta, Brown Rice, Biryani Kit.
Strategic Acquisitions
Acquisitions like GD Foods (Tops brand) strengthening portfolio in sauces & condiments with >50% gross margins.
Total Manufacturing Capacity
70+ plants (incl. 24 own units) with > 6.5 Million MT combined capacity.
Oleochemicals Capacity Expansion
Key focus is to expand and further invest in capacity expansion for high margin Specialty Chemicals business.
Food Capacities
Plan to build Food capacities at existing manufacturing units.
Underpenetrated Staples Market
India's staples consumption story is underpenetrated with low branded penetration (c. 15%) and large TAM of ₹7.4 Lac Crore.
Structural Growth Drivers
Urbanization, rising income levels, and aspirations driving ~10% growth in per capita foods.
Loose to Branded Conversion
Consumers shifting from loose to branded products, allowing AWL to replicate its oil playbook in foods.
Aspirational Rural Upgrade
Upgrade towards premium brands is happening faster in smaller towns and rural areas.
Commodity Price Risk
Hedging via futures, options & forward contracts to manage price volatility.
Supply Risk
Multi-origin sourcing; no single-country dependency to mitigate supply chain disruptions.
Regulatory Risk
Real-time compliance tracking on import duties & policies.
Currency Risk
Robust treasury management frameworks to manage currency fluctuations.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document primarily presents financial and operational data over multi-year periods (FY16, FY21, FY26) and discusses long-term trends and strategic shifts, making year-over-year comparisons most relevant for assessing business evolution and growth trajectory.
FY26 Total Revenue
₹ 74,000 Crore
FY26 Food Revenue
₹ 6,400 Crore
Food Volume Mix Evolution
Increased 3x in the last decade (FY16-FY26).
Total Outlets (FY26)
2.6 Million outlets.
Vision 2030 Total Revenue Target
Targeting ₹1 Lac+ Crore total revenue by 2030.
Vision 2030 Food Volume Share Target
Aiming for 2x food volume share by 2030.
Vision 2030 ROCE Target
Targeting >25% ROCE by 2030.
Margin Improvement Focus
Improve overall margins through premiumization of Oils & Food portfolio, cost saving & sales mix initiatives.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Food & FMCG Revenue Growth | ₹6,400 Cr in FY26 (3x in 5 years) | Sustained double-digit growth and increasing contribution to total revenue. |
| Foods Gross Margin | 20% in FY26 | Continued improvement towards potential 25-30% for core staples and >40% for value-added segments. |
| Distribution Reach (Food Outlets Billed) | 60,000+ in FY26 | Expansion into more rural towns and increased penetration in alternate channels (e-Com, MFS). |
| ROCE | Not explicitly stated for FY26, but target >25% by 2030 | Progress towards the >25% ROCE target, indicating efficient capital deployment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
AWL targets to achieve mid-single-digit volume growth in edible oil.
"that's what we target to achieve, which is mid-single-digit growth in edible oil"
Outcome check: Revenue YoY averaged 14.1% across 2 later quarter(s).
GD Foods is expected to grow in double digits on both volume and revenue in H2.
"this company growing in double digit on volume as well as revenue"
Outcome check: Revenue YoY averaged 14.1% across 2 later quarter(s).
Soya nuggets volume/offtake is expected to recover fully in the next quarter.
"as we go forward in the next quarter, it should be recovered fully"
Outcome check: Revenue YoY averaged 10.5% across 1 later quarter(s).
Working capital levels will get normalized in the next quarter, and we will see the benefit of the inventory, which is procured earlier finally delivering in the next quarter.
"working capital levels will get normalized in next quarter"
Outcome check: OPM moved from 4.0% to average 3.0% (-1.0 pp).
Trend score and candlestick chart
40NeutralSMA20 +1.6% / mo · MACD − · near 52W low
Technical chart
AWLdaily · 1Y · AUTO+4.7%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 42.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~1.6% over last month) — short-term momentum positive.
- RSI(14) at 42 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 34% off 52W high · 9% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- 32.5% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (-1.4% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
Valuation & score drivers
U-Score 46 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 46 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 11.6%.
- Piotroski is strong at 7/9.
- Cash flow contributes 10/10 to the score.
Main drags
- Fair-value margin of safety is negative at -7.6%.
- Quality is weaker at 3/20; verify the latest quarterly trend.
- Valuation is weaker at 8/30; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 100% delivered/partly-delivered outcomes on 4 checked claims. It ranks around the 83rd percentile of the scored universe and 50th percentile within FMCG. No major sub-score weakness stands out.
High Trust: 4/4 extracted management claims have outcome checks; 100% were fully delivered and 0 were partially delivered. 4/4 matched management claims were delivered.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · FMCG: 50th pctile, median 78 · Large: 65th pctile, median 73
4/4 claims checked. Use as directional, not final.
4/4 claims checked · No contradicted claim yet
How to read this Trust Score
Healthy Trust · medium confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 56.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 11.6%.
- ▸7 years of positive FCF.
Trust risks
- ▸Promoter holding fell 7%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 20.70
- P/B
- 2.33
- EV/EBITDA
- 8.71
- Market Cap
- 24342.00Cr
Profitability
- ROE
- 10.70%
- ROCE
- 18.30%
- ROA
- 4.68%
- Dividend Y
- 0.53%
Growth (CAGR)
- Revenue 5Y
- 15.00%
- EPS 5Y
- 8.00%
- Revenue 3Y
- 9.00%
- EPS 3Y
- 22.00%
Balance Sheet
- Debt/Equity
- 0.11
- Interest Coverage
- 3.35×
- Altman Z
- 5.09
- Book Value
- 80.30
Cash Flow
- FCF Yield
- 11.63%
- FCF Positive Y
- 7/5
- OCF
- 3928.00 Cr
- EPS TTM
- 8.90
Shareholding
- Promoter Hold
- 56.94%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 14%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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